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Property Tax Digest and 2012 Millage Rate June 19, 2012

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Page 1: Property Tax Digest and 2012 Millage Rate · Agenda 1 2 2012 Tax Digest 2012 Millage Rate 3 Upcoming Dates Steve Pruitt Maria Woods Maria Woods

Property Tax Digest and

2012 Millage Rate

June 19, 2012

Page 2: Property Tax Digest and 2012 Millage Rate · Agenda 1 2 2012 Tax Digest 2012 Millage Rate 3 Upcoming Dates Steve Pruitt Maria Woods Maria Woods

Agenda

1 22012 Tax Digest 2012 Millage Rate

3Upcoming Dates

Steve Pruitt Maria Woods Maria Woods

Page 3: Property Tax Digest and 2012 Millage Rate · Agenda 1 2 2012 Tax Digest 2012 Millage Rate 3 Upcoming Dates Steve Pruitt Maria Woods Maria Woods

Gwinnett County Net M&O Digest

$9.8 $10.5$11.5$12.4

$14.9$16.5

$17.9$19.4

$20.6$21.7

$23.1$25.2

$27.6$29.4 $29.0

$26.6$25.0

$22.8

$0

$5

$10

$15

$20

$25

$30

$35

Billion

s

2

25% decline in tax digest since 

2008

Equates to a $270 million 

loss in property tax revenues

Projected an 8.3% decrease in tax digest from 2011 to 

2012

Page 4: Property Tax Digest and 2012 Millage Rate · Agenda 1 2 2012 Tax Digest 2012 Millage Rate 3 Upcoming Dates Steve Pruitt Maria Woods Maria Woods

Gwinnett Net Tax Digest

$0$2$4$6$8

$10$12$14$16$18

Residential Commercial

3

Bill

ion

s

Page 5: Property Tax Digest and 2012 Millage Rate · Agenda 1 2 2012 Tax Digest 2012 Millage Rate 3 Upcoming Dates Steve Pruitt Maria Woods Maria Woods

Number of Notices With Updated Values

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

4

Parc

els

Page 6: Property Tax Digest and 2012 Millage Rate · Agenda 1 2 2012 Tax Digest 2012 Millage Rate 3 Upcoming Dates Steve Pruitt Maria Woods Maria Woods

5

Digest Level of AssessmentReal Property

80%

85%

90%

95%

100%

105%

110%

115%

120%

State’s allowable

assessment ratio

Board of Tax Assessor’s

Target

Page 7: Property Tax Digest and 2012 Millage Rate · Agenda 1 2 2012 Tax Digest 2012 Millage Rate 3 Upcoming Dates Steve Pruitt Maria Woods Maria Woods

6

Digest Level of AssessmentReal Property

80%

85%

90%

95%

100%

105%

110%

115%

120%

State’s allowable

assessment ratio

Allowable assessment

ratio for Utility Billing

Page 8: Property Tax Digest and 2012 Millage Rate · Agenda 1 2 2012 Tax Digest 2012 Millage Rate 3 Upcoming Dates Steve Pruitt Maria Woods Maria Woods

Real Property Tax Appeals

2,5644,541

5,0606,257 6,785

26,257

21,872

1,235 838 1,106 1,6942,843

4,838 3,936

0

5,000

10,000

15,000

20,000

25,000

30,000

2006 2007 2008 2009 2010 2011 YTD 2012

Residential Commercial

Sen

ate

Bill

34

6 i

mp

lem

en

ted

7

Page 9: Property Tax Digest and 2012 Millage Rate · Agenda 1 2 2012 Tax Digest 2012 Millage Rate 3 Upcoming Dates Steve Pruitt Maria Woods Maria Woods

Total Real Property Value Changesand Appeals

8

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

2006 2007 2008 2009 2010 2011 2012

Value Changes Appeals

Parc

els

Page 10: Property Tax Digest and 2012 Millage Rate · Agenda 1 2 2012 Tax Digest 2012 Millage Rate 3 Upcoming Dates Steve Pruitt Maria Woods Maria Woods

Appeal Completion Datesthrough Board of Equalization

9

2008

2009

2010

2011

2012

6,166

7,951

9,628

31,095

25,808

November 15 December 1 December 15 January 1 January 15

Page 11: Property Tax Digest and 2012 Millage Rate · Agenda 1 2 2012 Tax Digest 2012 Millage Rate 3 Upcoming Dates Steve Pruitt Maria Woods Maria Woods

2012 Preliminary Tax Digest

10

(in billions)

2012 Estimated Digest $22.787

2011 Final Digest $25.00

Real Property - Value Change (net of VOE) (1.575)

Real Property - Growth .140

2012 Preliminary Digest $23.565

Equates to a .78 millage rate roll‐up to remain revenue neutral in General Fund

Page 12: Property Tax Digest and 2012 Millage Rate · Agenda 1 2 2012 Tax Digest 2012 Millage Rate 3 Upcoming Dates Steve Pruitt Maria Woods Maria Woods

2012 Millage Rate Option – 1Maintain 2011 Millage Rate

11

General Fund Recreation Fund Bond Fund

Decrease in revenue based on reduction in digest from 2011

$(14.8) million $(373,837) $(103,272)

2011  Millage Rate Change

2012 Millage Rate

% Increase/(Decrease)

General Fund 11.78 ‐ 11.78 ‐ %

Recreation Fund 1.00 ‐ 1.00 ‐ %

G.O. Bond Fund 0.24 ‐ 0.24 ‐ % 

Total 13.02  ‐ 13.02 ‐ %

2011 Tax Bill @ 13.02 mills      $  760.562012 Tax Bill @ 13.02 mills       760.56

No change  from 2011 Tax Bill     $    ‐Per month $  ‐

Tax Bill Comparison - $170,000 FMV

Page 13: Property Tax Digest and 2012 Millage Rate · Agenda 1 2 2012 Tax Digest 2012 Millage Rate 3 Upcoming Dates Steve Pruitt Maria Woods Maria Woods

2012 Millage Rate Option – 2General Fund Roll‐Up

12

General Fund Recreation Fund Bond Fund

Decrease in revenue based on reduction in digest from 2011

$(14.8) million $(373,837) $(103,272)

Option 2 Adjustment 18.5 million ‐ ‐

Total RevenueImpact $   3.7 million $(373,837) $(103,272)

2011 Tax Bill @ 13.02 mills      $  760.562012 Tax Bill @ 14.22 mills       805.80

Increase  from 2011 Tax Bill $45.24Per month $ 3.77

Tax Bill Comparison - $170,000 FMV2011  

Millage Rate Change

2012 Millage Rate % Increase

General Fund 11.78 0. 78    12.56 6.62%

Recreation Fund 1.00 ‐ 1.00 ‐ %

G.O. Bond Fund 0.24 ‐ 0.24 ‐ %

Total 13.02  0. 78       13.80 5.99%

Page 14: Property Tax Digest and 2012 Millage Rate · Agenda 1 2 2012 Tax Digest 2012 Millage Rate 3 Upcoming Dates Steve Pruitt Maria Woods Maria Woods

Required Five Year Ad

13

Page 15: Property Tax Digest and 2012 Millage Rate · Agenda 1 2 2012 Tax Digest 2012 Millage Rate 3 Upcoming Dates Steve Pruitt Maria Woods Maria Woods

Upcoming Dates

Millage Rate Ad:  June 29th

Millage Rate Adoption: July 17th

Tax Bill Mailed:   August 15th

Tax Bill Due Date:   October 15th

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Page 16: Property Tax Digest and 2012 Millage Rate · Agenda 1 2 2012 Tax Digest 2012 Millage Rate 3 Upcoming Dates Steve Pruitt Maria Woods Maria Woods

Questions

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